LONDON: A red Ferrari convertible sports car featured in the movie Charlie's Angels: Full Throttle has failed to attract any buyers at a London auction of classic cars on Wednesday.
The 1963 Ferrari 250 GT SWB California Spyder - expected to fetch up to £3.5 million (S$8.5 million) - was driven by actresses Cameron Diaz and Lucy Liu in the movie, Bloomberg reported yesterday. The car has become a victim of the global financial turmoil that has dented demand for luxuries.
According to RM Auctions car specialist Max Girardo, the event - held with Sotheby's - raised £14.7 million, said Bloomberg. An auction last year took in £18 million, said the news agency.
"(People are) definitely more cautious," said Mr Girardo, quoted by Bloomberg.
"A year ago, (some buyers) would have thought about buying a car for £50,000 - now they're not being paid a bonus or are worried about losing their job," he said. In contrast, a joint RM Auctions and Sotheby's sale in Italy in May saw the sale of a black 1961 Ferrari 250 GT SWB California Spyder for a record £7 million (S$13 million).
The car, formerly owned by Hollywood actor James Coburn, was picked up by British TV and radio host Chris Evans, said Bloomberg. At the London auction, 30 per cent of the 129 lots were unsold, Bloomberg reported.
Mr Girardo told the news agency that the auction house had asked consigners before the sale to cut the reserve prices on their lots, in view of the economic conditions.
According to Bloomberg, some of them agreed.
Sellers of a 1938 Horch 853 Special Roadster let RM Auctions sell the car at £1.1 million, against a low estimate of £2.5 million, said Bloomberg.
Despite the smaller total amount raised, other items managed to attract better-than-expected bids.
A silver 1997 McLaren F1 sports car sold for £2.5 million, more than double its £1.1-million low estimate, said Bloomberg.
"Cars are still a bargain compared to art," said UK-based classic- car collector Kevin Corbett.
"It's just more difficult to borrow money at the moment, and people don't want to be seen by their bank managers to be spending serious amounts of money on luxuries," he said.
"Cars are still a bargain compared to art," said classic-car collector Kevin Corbett.
